Family Members and Business

[MusaPk]

What are your opinions?

Family and business should always be kept apart as they are your two different worlds and you can't merge them. With family you always have to be tolerant and considerate either they are right or wrong you can't be strict with them. But business is your place of work, you have to be super vigilant and super conscious about everything. You can't let go of many things in your business environment like you can do with your family members. And if you try to mix these two things you end up in a bad place most of the times.

[Odusko]

Most family members tend to be easily entitled and sometimes, they can be very nunchalant because they believe if you're reacting to Thier behaviour that you wouldn't take it too seriously with them. To avoid problem, help from a distance and isolate your business from every form of family issues. It will save you a big deal of problem.

Yeah that's correct and if you choose not to react in a certain way when they are being too nonchalant then they will see that as an opportunity to destroy what you have built for years. If you notice such character from a family member and choose to ignore the signs then when you start seeing the wonders you would have lost so much already. If you come from a business that is business oriented you have no problem because every member of the family will work towards achieving the success of the business since they are also benefiting from it but when it's your personal establishment and your family member who is an employee is trying to mismanage it for you then take action and help them from afar.

There I no reason to mix business with family, and if you have a business don't take in family members who come in as assistant, I mean some can can all in the name of assisting a young growing business, but in the future things change and they become so entitled, and when they misbehave you won't have the balls to challenge them in the interest of the business.
Whoever is working with you in a business needs to properly sign an agreement, and a proper employment letter should be served to all parties with rules and regulations clearly stated.

[NaTroBst]

I will never involve a family member in my business. Because, when I involve a family member in my business, if suddenly there is a problem in my business, then my family member will also have problems. If the business loses, then I will not be able to pay that family member properly, then that person will be angry with me no matter how well I know him. I think that business should be kept in the place of business and family member in the place of family member. Yes, I can help him with wise advice but I cannot involve him in my business.
And when I am doing a business, if he wants to do that business with his money, I will explain to him the good and bad sides well and I can help him so much, but I will never take responsibility for him.

[Samlucky O]

Don't associate business with relationship, as far as I know, people who do business with pleasure and relationship has shutdown their businesses. When doing business with family member try as much as possible to let them know you don't sell on credit or you don associate relationship with business, you should be strict and be ready to face backlash from them. but be strong to withstand the criticism that will come, but when they are used to it, it will only become a slogan that he/she is a bad person or a business person that doesn't know family members. But if answering that name will save your business then it's fine. You can't answer good name and your business stand, rather you will answer bad name for your business to stand.

[Tungbulu]

What are your opinions?

Family and business should always be kept apart as they are your two different worlds and you can't merge them. With family you always have to be tolerant and considerate either they are right or wrong you can't be strict with them. But business is your place of work, you have to be super vigilant and super conscious about everything. You can't let go of many things in your business environment like you can do with your family members. And if you try to mix these two things you end up in a bad place most of the times.

Yeah, two things that should never be mixed with business is family and pleasure, especially if the business is still one that is still gradually growing and isn’t yet standing on a solid ground, mixing them together would only bring the business to an end. I learned this lesson the hard way, I used to think that it was enough to just open a business and that you can simply just put people in charge and they would be remitting to you, I later found out that it was the biggest mistake ever, and I learned the hard way.

[Bitcoin Maxi]

There are a lot of striving businesses out there with family members in it and everyone is working towards achieving a common goal. And there are some that with family members in its worse. Growing up, I've watched uncles in family business and frankly speaking they're doing great. what I've come to know is that for a business with family members to strive every one must be willing to work together, make the impact, they should have a shared vision, come together and bring out innovative ideas that will make the business to grow and most importantly be committed. They even have an agreement signed by everyone and set rules of which everyone is to follow and for defaulters. And because of standards guarding the business everyone does they are supposed to do.
For me I see it as what will strive if  it's built on a system,every one is focused on one goal and aim towards success.

[bakasabo]

Yeah, two things that should never be mixed with business is family and pleasure, especially if the business is still one that is still gradually growing and isn’t yet standing on a solid ground, mixing them together would only bring the business to an end. I learned this lesson the hard way, I used to think that it was enough to just open a business and that you can simply just put people in charge and they would be remitting to you, I later found out that it was the biggest mistake ever, and I learned the hard way.

You say that mixing business and family will make business to an end, but what about all restaurants that are run by family? Small hotels? All the companies that has ""Surname" & Sons" in their name? A lot of farmers business are family business. Many company CEO give company control their younger family members when they retire. World richest person, Bernard Arnault, owns multiple luxury brands such as Louis Vuitton, Dior, Tiffany, Hennessy - all of his family members are involved in his business. All of Arnault family members are on control positions of businesses that they own.

[Halifat]

Yeah, two things that should never be mixed with business is family and pleasure, especially if the business is still one that is still gradually growing and isn’t yet standing on a solid ground, mixing them together would only bring the business to an end. I learned this lesson the hard way, I used to think that it was enough to just open a business and that you can simply just put people in charge and they would be remitting to you, I later found out that it was the biggest mistake ever, and I learned the hard way.

You say that mixing business and family will make business to an end, but what about all restaurants that are run by family? Small hotels? All the companies that has ""Surname" & Sons" in their name? A lot of farmers business are family business. Many company CEO give company control their younger family members when they retire. World richest person, Bernard Arnault, owns multiple luxury brands such as Louis Vuitton, Dior, Tiffany, Hennessy - all of his family members are involved in his business. All of Arnault family members are on control positions of businesses that they own.

What I understand with is statement is that, the business is not as big as you are trying to explain it, the business is still at the baby stage and in that level there are a lot of things which you don't have to join to your business to avoid collapse. All the businesses you have mentioned now are very big businesses which if you don't have your family member with in, you may end up losing a lot. When the business has not gotten to the level that requires you to join your family members, definitely it faces a lot of challenges, because at that stage most of their aim will be different from yours and that is how some of business collapse.

[Crytohillss]

Yeah, two things that should never be mixed with business is family and pleasure, especially if the business is still one that is still gradually growing and isn’t yet standing on a solid ground, mixing them together would only bring the business to an end. I learned this lesson the hard way, I used to think that it was enough to just open a business and that you can simply just put people in charge and they would be remitting to you, I later found out that it was the biggest mistake ever, and I learned the hard way.

You say that mixing business and family will make business to an end, but what about all restaurants that are run by family? Small hotels? All the companies that has ""Surname" & Sons" in their name? A lot of farmers business are family business. Many company CEO give company control their younger family members when they retire. World richest person, Bernard Arnault, owns multiple luxury brands such as Louis Vuitton, Dior, Tiffany, Hennessy - all of his family members are involved in his business. All of Arnault family members are on control positions of businesses that they own.

What I understand with is statement is that, the business is not as big as you are trying to explain it, the business is still at the baby stage and in that level there are a lot of things which you don't have to join to your business to avoid collapse. All the businesses you have mentioned now are very big businesses which if you don't have your family member with in, you may end up losing a lot. When the business has not gotten to the level that requires you to join your family members, definitely it faces a lot of challenges, because at that stage most of their aim will be different from yours and that is how some of business collapse.

Absolutely dude you are very correct, mixing family and business can't make business crumble because family also stand as business the only difference is that family has to do with expenditure while business is an investment, all the businesses you listed are really business which can yield one profits but without family being with you, one might definitely losses everything and at end when business had not move to the  level you wanted it , so the businesses will definitely not last.

[Johnlomape]

Don't associate business with relationship, as far as I know, people who do business with pleasure and relationship has shutdown their businesses. When doing business with family member try as much as possible to let them know you don't sell on credit or you don associate relationship with business, you should be strict and be ready to face backlash from them. but be strong to withstand the criticism that will come, but when they are used to it, it will only become a slogan that he/she is a bad person or a business person that doesn't know family members. But if answering that name will save your business then it's fine. You can't answer good name and your business stand, rather you will answer bad name for your business to stand.

You have said it all and people that may have not gotten the experience need to be careful of doing business with emotions especially when it involves member of the family and when their is no written agreement or whatsoever to make the business legally standard with everyone that is involved having their own role to play for the success of the business.

There are so many issues that can arise from doing business with a family member especially when you are the one taking all the risks while the other participants are just there putting their own random efforts without adequate financial inputs.
Business should have written agreement to make it legal binding in case of any financial dispute.

[Franctoshi]

Not because I have any on going business with family members but because of what I have seen and stories I have heard,  to an extent one or two things I can relate with but do you think it is also true that they're the worst set of people to have a business with. Some have also said that, no one should  have anyone like family members who they can not arrest to be in charge of their business.

In the management of businesses, from my perspective, it's even the family members that can handle your business properly and not run it down, especially when your business is asmall-scale business, and based on what is happening lately, most people are even afraid of hiring people that are not close persons or their relations.

They can borrow money from you and end up not paying back making your plans look stupid and leaving you disappointed and because they are family, you can not take strong decisions against them in anyway. What are your opinions? I love family more than anything, but they seem like the worst people IMO. My major advice is never to borrow them money and if you intend to give, give without expecting a dine in return.

Don't borrow or give any of your family member money you cannot afford to lose, because it sometimes doesn't really end well because they feel that they're entitled to your money or wealth and hence won't be serious in paying back the money they collected from that sometimes result in a quarrel between you and them.

 

[hafiztalha]

No matter how bad one's family is, there is no better people to run your business than family members. Not just any family member but those ones that are disciplined and wouldn't joke around with your business. By working with your family members, it helps your wealth to circulate within the family and it creates a friendly atmosphere for everyone since it has turned to a family business, everyone will be comfortable with each other and no one will have ulterior motives over another. The only thing you should do is not to expose top secrets about your business. It is true that the reason why most people don't want their family members to work with them is so that incase they misbehave you can take disciplinary actions on them but business is business so even if a family tries to jeopardise your business, they should be disciplined.

True, trustworthy and disciplined family members are a very valuable part of running a business because trust is there between the family members. However, just being a relative does not make someone a good business partner or a good employee. Sometimes, having family members as a part of your business can make it difficult to enforce rules or separate your personal emotions from the business decisions.

The best thing is to keep your family members at the same level as the employees so it is easy for you to judge and also check their honesty, discipline competence and accountability. If they have all these qualities, then keeping opportunities and wealth within the family member is the best thing, but businesses are a professional thing and they should be dealt in that particular way.

[bakasabo]

Yeah, two things that should never be mixed with business is family and pleasure, especially if the business is still one that is still gradually growing and isn’t yet standing on a solid ground, mixing them together would only bring the business to an end. I learned this lesson the hard way, I used to think that it was enough to just open a business and that you can simply just put people in charge and they would be remitting to you, I later found out that it was the biggest mistake ever, and I learned the hard way.

You say that mixing business and family will make business to an end, but what about all restaurants that are run by family? Small hotels? All the companies that has ""Surname" & Sons" in their name? A lot of farmers business are family business. Many company CEO give company control their younger family members when they retire. World richest person, Bernard Arnault, owns multiple luxury brands such as Louis Vuitton, Dior, Tiffany, Hennessy - all of his family members are involved in his business. All of Arnault family members are on control positions of businesses that they own.

What I understand with is statement is that, the business is not as big as you are trying to explain it, the business is still at the baby stage and in that level there are a lot of things which you don't have to join to your business to avoid collapse. All the businesses you have mentioned now are very big businesses which if you don't have your family member with in, you may end up losing a lot. When the business has not gotten to the level that requires you to join your family members, definitely it faces a lot of challenges, because at that stage most of their aim will be different from yours and that is how some of business collapse.

I think size and type of the business dont matter when family members are on control position/in charge. Because any conflict can make business go down. At any stage one offended family member can take wrong decision and ruin it.

I only basing on my own experience. I would have done business with any of my family members, because I am sure they wont let me down and so wont I. Maybe those who say that running business with family is not good, dont have good relationship with family or had bad experience.

[Tungbulu]

You say that mixing business and family will make business to an end, but what about all restaurants that are run by family? Small hotels? All the companies that has ""Surname" & Sons" in their name? A lot of farmers business are family business. Many company CEO give company control their younger family members when they retire. World richest person, Bernard Arnault, owns multiple luxury brands such as Louis Vuitton, Dior, Tiffany, Hennessy - all of his family members are involved in his business. All of Arnault family members are on control positions of businesses that they own.

Maybe I forgot to mention that there are exceptions to this though. There are indeed successful businesses that are ran by members of a family. But I believe you know what I mean, people should not use simply because one is family and overlook their incompetence and lack of skill to manage the business or task given to them. There’s nothing wrong with actually entrusting or involving family to a particular business, but this should be strictly based on the condition that they’re highly qualified and capable of managing and carry out their given task, and not simply because they’re family.

[Swordsoffreedom]

What I understand with is statement is that, the business is not as big as you are trying to explain it, the business is still at the baby stage and in that level there are a lot of things which you don't have to join to your business to avoid collapse. All the businesses you have mentioned now are very big businesses which if you don't have your family member with in, you may end up losing a lot. When the business has not gotten to the level that requires you to join your family members, definitely it faces a lot of challenges, because at that stage most of their aim will be different from yours and that is how some of business collapse.

I think size and type of the business dont matter when family members are on control position/in charge. Because any conflict can make business go down. At any stage one offended family member can take wrong decision and ruin it.

I only basing on my own experience. I would have done business with any of my family members, because I am sure they wont let me down and so wont I. Maybe those who say that running business with family is not good, dont have good relationship with family or had bad experience.

Or they may be people who have never run a business, and what they say is based on a few personal experience from having a bad relationship with their family member. But that alone isn't enough to conclude that doing business with family member is always a bad idea.

However, I think we still need to choose the right people. Not every family member is suitable for working with you in business. They may not betray you or become a burden, but if they lack the ability or don't share the same goals and way of working, bringing them into the business can still create problem. So, choosing someone to do business with should be based on their ability, regardless of whether they are family or outsider.